Core Viewpoint - The People's Bank of China (PBOC) announced a 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, marking the first time it has announced such an operation in advance at the beginning of the month [2][3] Group 1: Monetary Policy and Liquidity Management - The PBOC's announcement indicates a clear intention to release short-term liquidity, especially as the bond market shows a decline in speculative demand [2] - The liquidity pressure in June is compounded by significant maturities, including 1.2 trillion yuan in reverse repos and 4.2 trillion yuan in interbank certificates, creating a substantial cash withdrawal pressure [3] - The announcement has led to a decrease in the 7-day repo rate to around 1.5%, aligning closely with the current policy rate of 1.4% [3] Group 2: Market Expectations and Economic Indicators - The PBOC's proactive communication enhances the transparency of monetary policy operations, which helps stabilize market expectations [3] - The current economic environment shows signs of weak recovery, with improved resilience in exports and a slowdown in the decline of the real estate sector [2] - The PBOC's management of market expectations is evolving, potentially providing solid support for stock market valuations and boosting risk appetite in capital markets [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - After the bank assessment at the beginning of the month, the liquidity situation tends to ease. The central bank uses various short - and medium - term liquidity management tools to maintain a reasonable and sufficient level of mid - year liquidity [5] - The macro news was calm yesterday, and the stock index continued to rise moderately. The market sentiment was boosted by the rumor of a phone call between Chinese and US leaders. Domestic factors have limited driving force for the stock index, and overseas variables dominate short - term fluctuations. The stock index has reached the upper limit of the shock range, and further upward movement requires incremental positive news and increased trading volume. It is recommended to wait and see in futures index operations and be cautious about chasing up [7] 3. Summary by Relevant Catalogs Interest Rate and Bond Market - DRO01 closed at 1.41, down 0.10 bp; DR007 closed at 1.55, down 0.41 bp; GC001 closed at 1.40, down 9.00 bp; GC007 closed at 1.56, down 3.00 bp; SHBOR 3M closed at 1.65, unchanged; LPR 5 - year closed at 3.50, down 10.00 bp; 1 - year treasury bond closed at 1.44, down 1.75 bp; 5 - year treasury bond closed at 1.52, down 0.85 bp; 10 - year treasury bond closed at 1.68, up 0.40 bp; 10 - year US treasury bond closed at 4.37, down 9.00 bp [4] - The central bank conducted 126.5 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 266 billion yuan of reverse repurchases maturing, the net withdrawal for the day was 139.5 billion yuan. This week, 1.6026 trillion yuan of reverse repurchases will mature in the central bank's open market, with 291.1 billion yuan maturing on Friday [4][5] Stock Index Futures Market - The CSI 300 rose 0.23% to 3877.6, the SSE 50 rose 0.05% to 2692.1, the CSI 500 rose 0.54% to 5770, and the CSI 1000 rose 0.72% to 6167. The trading volume of the two markets was 1.29 trillion yuan, an increase of 137.4 billion yuan from the previous day. Most industry sectors rose, with TMT sectors leading the gains and some consumer and pharmaceutical sectors leading the losses [6] - IF volume was 69,770, down 0.1%; IF open interest was 231,414, up 0.9%; IH volume was 38,082, up 19.4%; IH open interest was 81,351, up 3.2%; IC volume was 64,999, up 11.9%; IC open interest was 211,733, up 2.6%; IM volume was 180,384, up 19.1%; IM open interest was 329,492, up 4.4% [6] - IF basis for the current - month contract was 16.04%, next - month contract 14.09%, current - quarter contract 0.02%, next - quarter contract 6.64%; IH basis for the current - month contract was 16.39%, next - month contract 15.49%, current - quarter contract 6.95%, next - quarter contract 3.86%; IC basis for the current - month contract was 19.55%, next - month contract 17.41%, current - quarter contract 14.28%, next - quarter contract 11.91%; IM basis for the current - month contract was 25.81%, next - month contract 21.78%, current - quarter contract 18.20%, next - quarter contract 15.30% [8]

Core Viewpoint - The central bank reported that the balance of the medium-term lending facility (MLF) was 50,320 billion yuan in May [1] Group 1 - The medium-term lending facility (MLF) is a monetary policy tool used by the central bank to provide liquidity to financial institutions [1] - The reported balance of 50,320 billion yuan indicates the level of liquidity support available to banks [1]

Core Viewpoint - The People's Bank of China reported that the balance of medium-term lending facilities (MLF) stood at 50,320 billion yuan as of May [1] Group 1 - The balance of MLF indicates the central bank's liquidity management strategy [1]

以下文章来源于申万宏源宏观 ，作者赵伟 贾东旭等 申万宏源宏观 . 关注、加星，第一时间接收推送！ 申万宏源证券研究所 | 宏观研究部 文 | 赵伟、贾东旭、侯倩楠 联系人 | 贾东旭 摘要 事件： 5月09日，央行发布2025年一季度货币政策执行报告（以下简称《报告》）。 央行对外部环境关注度显著提高，《报告》指出"当前外部冲击影响加大，世界经济增长动能不足，贸易 保护主义抬头，地缘冲突持续存在"。 2024年四季度报告对应表述是"当前外部环境变化带来的不利影响 加深"。两次相比较，本次更加突出了外部环境的不利影响，显示出央行密切关注美国单边贸易保护主义 对我国经济的扰动。 央行肯定一季度经济表现，并强调要"要坚定发展信心，以高质量发展的确定性应对外部环境变化的不确 定性"。 2024年四季度报告认为"国内需求不足、风险隐患仍然较多等困难挑战也还存在"，而本次报告则 认为"我国经济持续回升向好的基础还需要进一步稳固"。针对下一阶段，央行强调我国具备诸多优势条 件，经济长期向好的基本趋势没有改变。 政策基调：灵活把握政策实施的力度和节奏，降低银行负债成本。 总基调方面，《报告》提出"灵活把握政策实施的力度和节 ...

摘要 事件： 5月09日，央行发布2025年一季度货币政策执行报告（以下简称《报告》）。 经济形势分析：当前外部冲击影响加大，我国经济持续回升向好的基础还需要进一步稳固。 央行对外部环境关注度显著提高，《报告》指出"当前外部冲击影响加大，世界经济增长动能不足，贸易 保护主义抬头，地缘冲突持续存在"。 2024年四季度报告对应表述是"当前外部环境变化带来的不利影响 加深"。两次相比较，本次更加突出了外部环境的不利影响，显示出央行密切关注美国单边贸易保护主义 对我国经济的扰动。 央行肯定一季度经济表现，并强调要"要坚定发展信心，以高质量发展的确定性应对外部环境变化的不确 定性"。 2024年四季度报告认为"国内需求不足、风险隐患仍然较多等困难挑战也还存在"，而本次报告则 认为"我国经济持续回升向好的基础还需要进一步稳固"。针对下一阶段，央行强调我国具备诸多优势条 件，经济长期向好的基本趋势没有改变。 政策基调：灵活把握政策实施的力度和节奏，降低银行负债成本。 总基调方面，《报告》提出"灵活把握政策实施的力度和节奏"，后续货币政策或更重视执行过程中的动 态响应。 《报告》将上季度报告的"择机调整优化"，修改为"灵活 ...

Group 1 - The central bank data indicates that the balance of the medium-term lending facility (MLF) was 46,570 billion yuan in April [1]